Nifty Fell 270 Points From Over Bought Zone Of 10660




The Outlook for 18th October 2018
Nifty Daily Chart Levels
In today’s trading session,  Nifty opened 100 points gap up and went on to make a high of 10707 approx. The index, however, faced stiff resistance around the overbought zone of 10660 approx. Heavy selling was witnessed in today’s session after Nifty slipped below the 5 DEMA high ( 10600 approx). India Vix climbed back to 18 after dropping down to 16 early in the day. Going forward, Nifty is likely to slip down to 10340 if it trades below the 10 DMA high ( 10410 approx). The nearest upside resistance for the index is around 10560 approx. However, if Nifty slips below 10300, it will drop down to 10215 approx. 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 50 HMA (10453 approx). The index is likely to find the resistance around the 100HMA (10560 approx). On the other hand, if Nifty trades below the hourly lower-Bollinger band (10425 approx), the nearest downside target for Nifty is around 10340 approx.  





Nifty Large & Mid Cap Stocks




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Nifty tanked 270 points intraday as the index failed to sustain the buying momentum above the overbought zone of 10650 approx.  The index faced stiff resistance around 10660 this morning and closed around the 10 DMA(10450 approx). India Vix climbed back to 18 after making a low of 16 in the morning. Massive buying was also witnessed in the 10500 and 10400 Put Options strikes in today,s trading. The 10500 and 10400 strikes fetched 270% and 320% returns intraday. Going forward, Nifty is likely to slip down to 10340 approx.

Stocks Under The Scanner
In today’s trade Hcl Tech shares rose 1.85%, while Wipro shares rose 1.68%. Indiabulls Housing Finance shares dropped 14.27% in the course of the day’s trade.



The Outlook for 18th October 2018
Nifty Daily Chart Levels
In today’s trading session,  Nifty opened 100 points gap up and went on to make a high of 10707 approx. The index, however, faced stiff resistance around the overbought zone of 10660 approx. Heavy selling was witnessed in today’s session after Nifty slipped below the 5 DEMA high ( 10600 approx). India Vix climbed back to 18 after dropping down to 16 early in the day. Going forward, Nifty is likely to slip down to 10340 if it trades below the 10 DMA high ( 10410 approx). The nearest upside resistance for the index is around 10560 approx. However, if Nifty slips below 10300, it will drop down to 10215 approx. 

Nifty Hourly Chart Levels
In the hourly session, Nifty closed around the 50 HMA (10453 approx). The index is likely to find the resistance around the 100HMA (10560 approx). On the other hand, if Nifty trades below the hourly lower-Bollinger band (10425 approx), the nearest downside target for Nifty is around 10340 approx.  





Nifty Large & Mid Cap Stocks




 
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